(1.) Respondent No. 6, H.P. State Cooperative Bank Ltd. is a Cooperative Society registered under the Himachal Pradesh Cooperative Societies Act, 1968, hereinafter referred to as "The Act". This Bank has a Branch at New Subzi Mandi, Azadpur at Delhi.
(2.) In the year 1992 -93, the petitioner M/s Bhag Singh and Sonus and Gurjeet Singh became a members of the Society and opened a current account with the Banks Branch at Azadpur. Overdraft Facilities were extended to the petitioner. The amount due from the petitioner to the Bank remained unpaid. The Bank approached the Registrar of the Cooperative Societies for initiation of arbitration proceedings for the recovery of the amount due to it under Section 72 and 73 of the Act.
(3.) Section 72(1) provides for the dispute to be referred for arbitration Sub -section 2(a) of Section 72 stipulates that a claim by a surety for any debt or demand due to it from a member or any employee, or the nominee, heir or legal representatives of a deceased member or an employee whether such debt or demand be admitted or not shall be deemed to be dispute touching the constitution, management or the business of a co -operative society within the meaning of Section 72(1) of the Act. Section 73 provides the settlement of the dispute either by the Registrar himself or by the arbitrator appointed by him. Section 75 stipulates that the award of the arbitrator or a decision by the Registrar or the person invested with the power to decide disputes under Section 73 of the Act, shall be final and not questionable in any civil or revenue Court.